Rosengren calls on FOMC to update forward guidance
Forward guidance should more closely reflect the FOMC's dual mandate
Eric Rosengren, president of the Federal Reserve Bank of Boston, called yesterday on the Federal Open Market Committee (FOMC) to explicitly commit to keeping interest rates at current levels until the US economy is "within one year of reaching full employment and our 2% inflation target".
In a speech at Husson University in Bangor, Maine, Rosengren – who does not have a seat on the FOMC this year – said he fears the reported unemployment rate "understates the severity of the problem" in the US
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